QCP Capital: Bitcoin’s rebound is driven by macroeconomics, not spot ETFs

QCP Capital said in its latest market update that Bitcoin’s recent rally has been driven primarily by macroeconomic factors, such as U.S. Treasury supply estimates and expectations that the Federal Reserve will end its monetary tightening campaign, rather than by spot Bitcoin ETFs. Anticipation of possible approval. “The recent rally has less to do with developments in spot ETFs and more to do with macro forces,” the report reads. "This is because yesterday's first-quarter supply estimate for U.S. Treasury bonds was lower than expected, and the dovish FOMC caused bond yields to plummet, and risk assets to surge." QCP analysts are bullish on Bitcoin, believing that only new regulatory pressure can bring the price back below $32,000. (The Block)